Navi Mumbai Airport Fuels Real Estate Boom in Surrounding Areas
The inauguration of the Navi Mumbai International Airport has triggered a significant surge in land and property prices in the surrounding regions, transforming them into high-demand corridors for residential and commercial developments.
Real EstateNavi MumbaiProperty PricesNavi Mumbai International AirportDevelopmentReal Estate NewsOct 08, 2025
Land rates in Ulwe, Panvel, Taloja, and Kharghar have shot up by 50-60% in the last three years, while residential prices have gone up by 20-40%, according to Anarock Research. Ulwe, where the airport is located, witnessed the highest increase of 40% in residential prices, while Kharghar saw 20% growth during the period.
“There remains a scope for an additional 30-40% growth (in land prices) over the next two years,” said Anuj Puri, chairman at Anarock Property Consultants. However, Puri noted that since most corporates have already acquired land in the vicinity of Navi Mumbai airport, any further increase in land prices is likely to create an upward pressure on overall property prices within the airport catchment.
Deepak Khandelwal, principal partner & chief sales officer at Square Yards, pegged the price rise even higher. Housing prices in the Panvel area have risen by nearly 74% between FY21 and FY25 to Rs 10,000-12,000 per square foot, compared with 45% growth in the rest of Navi Mumbai, though the latter commands a higher property price of Rs 19,000-21,000 per square foot. Plot rates in Panvel on average touched Rs 80,000-85,000 per square yard, reflecting a steep 93% increase, compared with 58% growth in other parts of Navi Mumbai, where the prices are higher at Rs 1,10,000-1,30,000.
As the airport, billed to be the country’s largest when fully operational, got closer to inauguration, property developers launched a plethora of projects. About 45 million square feet of residential spaces were launched across Navi Mumbai in the last three years, with around 67% of this supply contributed by just the four key micro-markets, Anarock said. Mumbai has seen launches of 282 million sq ft during the period.
Launches seem to be clearly following the demand. “Many large developers are also launching their residential projects here, making Kharghar, Panvel, Ulwe, and Taloja prominent residential hubs as well,” Puri of Anarock said.
Ram Naik, co-founder & CEO of The Guardians Real Estate Advisory, expects a multifold rise in property demand in key micro-markets such as Ulwe. Areas that were earlier viewed as “potential zones” will now transition into “high-demand corridors.” With improved connectivity via the Mumbai Trans Harbour Link, upcoming Metro lines, and the Sion-Panvel highway expansion, the entire belt will benefit from faster access to both south Mumbai and Thane, Naik said.
From an investment perspective, Navi Mumbai is entering its “golden phase,” he said, adding that capital appreciation in select pockets could rise by 20-30% over the next few years. “Developers with quality projects and timely execution capabilities stand to gain the most, while buyers will find greater long-term value compared to the saturated markets of Mumbai city,” he said.
Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said the airport will have a “transformative impact” on the city’s real estate, especially in the surrounding areas of the airport. “While the needs of airport personnel, working professionals, and aviation staff are likely to drive the residential demand around the airport, commercial demand is likely to be fuelled by development of logistics parks, offices, and hotels,” he said.
Property developers are equally upbeat about price appreciation. “We believe prices will go up by 20-25% in the immediate future before they stabilize. In places where prices have not gone up, they will increase now,” said Vijay Wadhwa, chairman emeritus at Wadhwa Group. Wadhwa believes that places such as Kharghar have become expensive now.
Recently, the Navi Mumbai International Airport (NMIAL), operated by Adani Airport Holdings, leased 405 ready-to-move-in flats on rent from the Wadhwa Group in its township project, Wadhwa Wise City, in Panvel. “There is a good demand for residential complexes with good amenities. We feel a lot of demand will come from people who work in the airport and allied businesses,” Wadhwa said.
The development outlook for Panvel, Kharghar, and Ulwe is deeply tied to the unfolding vision of NAINA Mumbai 3.0, which is reshaping the region into a structured urban extension of Mumbai, said Mehernosh Tata, MD & CEO, Godrej Housing Finance.
Vimal Nadar, national director & head of research, Colliers India, said Navi Mumbai’s strategic positioning as a sub-dollar office market, coupled with enhanced connectivity and global access offered by the airport, are expected to drive heightened office leasing activity in the area over the next few years. Also, Nadar said, the proposed 667-acre Navi Mumbai Aerocity next to the airport will foster a new urban ecosystem that blends work and lifestyle.
Frequently Asked Questions
What is the expected growth in land prices in Navi Mumbai over the next two years?
Anuj Puri, chairman at Anarock Property Consultants, expects an additional 30-40% growth in land prices over the next two years.
How much have residential prices increased in Ulwe and Kharghar?
Residential prices in Ulwe have increased by 40%, while in Kharghar, they have increased by 20% over the last three years.
What factors are driving the demand for residential properties in Navi Mumbai?
Improved connectivity via the Mumbai Trans Harbour Link, upcoming Metro lines, and the Sion-Panvel highway expansion, along with the needs of airport personnel, working professionals, and aviation staff, are driving the demand for residential properties.
What is the NAINA Mumbai 3.0 vision?
NAINA Mumbai 3.0 is a vision that aims to reshape the region into a structured urban extension of Mumbai, fostering development in Panvel, Kharghar, and Ulwe.
How will the Navi Mumbai Aerocity project impact the area?
The proposed 667-acre Navi Mumbai Aerocity next to the airport is expected to foster a new urban ecosystem that blends work and lifestyle, driving office leasing activity and commercial development.
Related News Articles
Pune's Nightlife Takes a Hit: Under-25s Barred from Popular Clubs
Following the Porsche accident case
Domestic Abuse in Pune: Woman Abducted by Husband and In-Laws, Police Investigation Underway
A shocking incident of domestic violence has come to light in Pune, where a woman was kidnapped by her husband and in-laws, sparking a police investigation.
Schneider Electric Revolutionizes India's Real Estate Market with Innovative Solutions
Schneider Electric unveiled pioneering Home Energy Management Solutions at BuildCon 2024, catering to India's growing demand for smart and sustainable homes.
US Real Estate Mogul Brandon Miller's Shocking Debt Revealed After Tragic Death
Brandon Miller, a wealthy real estate developer, had only $8,000 in his bank account despite owing $34 million in debt. His financial struggles were largely due to his lavish lifestyle and massive loans on his Hamptons mansion.
PVR INOX to Shut Down 70 Underperforming Screens in FY25
The company plans to explore the potential monetisation of non-core real estate assets located in prime areas, including Mumbai, Pune, and Vadodara.
Real Estate Slump in Indore During Diwali: High Prices and Excess Inventory Dampen Sales
Despite the festive season of Diwali, real estate sales in Indore remain sluggish, primarily due to high property prices and an oversupply of inventory.